Critical minerals are the foundation for enabling the global transition to greener future, by being an important element / building block in manufacturing of renewables’ equipment (e.g., wind turbines), electric vehicles and underlying semiconductor chips/ digital technologies. As the global economy aspires for a greener future/ radical energy transition, there is multifold increase in demand of critical minerals (for example 40X for Lithium, 25X for Graphite, 20X for Nickel and 7X for Rare Earth metals) over the transition period.[1]
Accentuating the increased demand is also the underlying trend of increased mineral intensity. For example, an electric car requires six times more mineral inputs than a conventional car and an onshore wind plant requires nine times more mineral inputs than a gas-fired plant.[2]
Critical minerals’ security is hence now featuring as a key strategic theme across regions, countries and for leading majors.